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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the Middle East. The latest attacks on vessels and the downing of a US drone have profoundly advanced the cost of shipping oil from the Middle East. The Joint War Committee of Lloyd’s Market Association insurance body has reported in May, the addition of Persian Gulf and surrounding waters along with the Gulf of Oman to the list of areas under risk of “Hull War, Piracy, Terrorism and related perils”. The risks on stake have urged insurance companies posing high insurance premiums on maritime companies that operate through the Strait of Hormuz. Accordingly, war risk underwriters are charging additional premiums for vessels trading in the Middle East Gulf and the Gulf of Oman.
As known, it is the privilege of the insurers to invoice premium to shipowners, who may then endeavor to pass it on to charterers if the market situation and charter terms warrants so. For example, after the incidents, for an Aframax calling one port in the MEG, the premium could range from USD 40 to 50k. Thereafter, underwriters instead of insuring the entrance in the area are providing owners an offer basis the specific voyage to be performed in the area which may then be further negotiated.
Almost 30% of all crude oil supplies shipped pass through the thin canal of the Strait of Hormuz. Many argue that the threat to commercial shipping is obvious and hasn’t been seen in the region for decades. As reported by the chairman of Intertanko, “if the waters are becoming unsafe the supply of the entire Western world could be at risk”. Historically, escalations that disrupt MEG oil supplies are infrequent and thus as analyzed freight rates could increase due to owners avoiding the region. As known the oil-supply countries in the MEG area including Kuwait, Saudi Arabia, Iraq and Iran are accommodating close to 20% of the world’s oil demand that passes through the Strait of Hormuz.
The oil markets have overall remained relatively calm, although the fact that there was a second series of incidents since May, has definitely intensified concerns. During the days of the incident prices for Brent crude rose almost 4% to $61 a barrel, a level still much lower though compared to the $72 a barrel in mid-May. Thus, we did not view great increase in oil-prices and one of the reasons is that traders are possibly betting that the fiery tensions will not burst into a full-scale conflict. Additionally, worries on global growth on the back of the trade war together with US shale oil production growing at a fast pace have also kept the oil price increase in check.
The OPEC meeting at the beginning of this week came at a significant and unstable time for the oil market and as a further extension of the cuts did take place as it was anticipated by most investors, it will be interesting to see how strong the support on prices will be going forward.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
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- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
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